I propose to take Questions Nos. 61 and 64 together.
An International Financial Services Centre working group, under the aegis of the Department of the Taoiseach and made up of representatives of our Department and the Department of Finance, the Department of the Taoiseach, the Revenue Commissioners, the Central Bank, the IDA and some private sector interests, who are members of the IFSC banking and treasury committee, was set up by us last year with a view to finding solutions to problems created by certain Irish registered non-resident companies, or IRNRs. There were no written terms of reference set out for the group. The work of this group is ongoing and they have so far considered proposals in relation to taxation, company law and the money laundering provisions of the Criminal Justice Act, 1994.
In December last I set up an interagency/departmental working group in our own Department, made up of representatives from the IDA, Forbairt, Forfás, the company law section and the planning and company registration office, with a view to advising me on the proposals under consideration in the IFSC group. This group has made its recommendations to me and these will be subject to the usual procedures in relation to Government decision making.
The recommendations are as follows. In relation to taxation measures it recommended that we provide that once a company registers in Ireland it will be regarded as tax resident in Ireland, subject to the grant of exemptions, to certain companies, such as multinational companies, with operations here. The Minister for Finance is considering this question.
